NIKE and the University of New Mexico on Wednesday went public with the deal they agreed to a few weeks ago to extend their apparel partnership for three more years, through 2022-23. (Click here to see the contract.)
The agreement was approved at last week’s UNM Board of Regents meeting and is, essentially, a 1:3 deal requiring UNM to spend a minimum of $500,000 per fiscal year to receive $1.5 million in NIKE merchandise for most of its Lobo athletics teams with an option for UNM to purchase up to $1 million for $3 million in product per year.
“Using Mountain West schools as a benchmark, we feel we got a very good contract,” UNM’s Chief Procurement Officer Bruce Cherrin told members of the UNM Board of Regents Finance and Facilities Committee on Oct. 13, when details of the agreement were first presented to the regents. They ultimately approved the contract at last week’s full board meeting.